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<PAGE> 1
Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Wessex (predecessor company) Azurix
------------------------------------ ----------------------------------------------------------
Six Months January 29,
Ended 1998 to Year Ended Six Months Six Months
Year Ended March 31, October 2, December 31, December 31, Ended Ended
1996 1997 1998 1998 1998 1999 June 30, 1999 June 30, 2000
------ ------ ------ ----------- ------------ ------------ -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Income before minority interest,
income tax and utility tax,
extraordinary loss and equity
in earnings (loss) of
affilliates $206.0 $220.7 $223.7 $ 94.4 $30.5 $ 62.9 $46.6 $18.0
Plus:
Fixed Charges 31.7 39.4 41.4 22.0 18.7 102.5 38.7 81.8
Amortization of capitalized
interest 1.4 1.6 2.0 0.1 0.1 0.4 -- 0.2
Distributed income of equity
investees 0.1 0.3 0.5 0.1 9.9 -- -- --
Capitalized interest (8.9) (5.9) (8.4) (5.0) (2.3) (8.6) (4.3) (6.7)
Preference security dividend
requirement (12.5) (20.7) (20.0) (10.7) -- -- -- --
------ ------ ------ ----- ----- ----- ------ -----
Earnings $217.8 $235.4 $239.2 $100.9 $56.9 $157.2 $81.0 $93.3
====== ====== ====== ====== ===== ====== ====== ======
Fixed Charges:
Interest expense $ 10.3 $ 12.8 $ 13.0 $ 6.3 $16.4 $ 93.9 $34.4 $75.1
Capitalized interest 8.9 5.9 8.4 5.0 2.3 8.6 4.3 6.7
Preference security dividend
requirement 12.5 20.7 20.0 10.7 -- -- -- --
------ ------ ------ ------ ----- ------ ----- -----
Total Fixed Charges $ 31.7 $ 39.4 $ 41.4 $ 22.0 $18.7 $102.5 $38.7 $81.8
====== ====== ====== ====== ===== ====== ===== =====
Ratio of Earnings to Fixed Charges 6.9x 6.0x 5.8x 4.6x 3.0x 1.5x 2.1x 1.1x
====== ====== ====== ====== ===== ====== ===== =====
</TABLE>
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